Accounting
Accounting is cycle.
📄️ Bank Reconciliation
A bank reconciliation statement is a critical step in the accounting cycle that helps ensure the accuracy of a company's financial records. Specifically, it involves comparing the company's internal records of its bank transactions (as recorded in its cash account in the general ledger) with the bank's records of those transactions (as provided in the bank statement).
📄️ Accounting Cycle
The accounting cycle is a process used to record financial transactions and produce financial statements.
📄️ Stock Control
What routine checks and balances needs to be setup to manage this process optimally?
Bookkeeping
- Examine statements to ensure accuracy.
- Ensure that statements and records comply with laws and regulations.
- Compute taxes owed, prepare tax returns, ensure prompt payment.
- Inspect account books and accounting systems to keep up to date.
- Organize and maintain financial records
Accounting Cycle
| Document/Statement | Frequency | Roles |
|---|---|---|
| Transaction Source Documents | As transactions occur | Various roles (Sales team, Procurement, etc.) |
| Journal Entries | As transactions occur | Bookkeeper/Accountant |
| General Ledger | As transactions occur, typically updated from the Journal | Bookkeeper/Accountant |
| Trial Balance | Usually prepared at the end of an accounting period (monthly, quarterly) | Bookkeeper/Accountant |
| Adjusting Entries | At the end of the accounting period (monthly, quarterly) | Accountant |
| Adjusted Trial Balance | After adjusting entries are made, before financial statements | Accountant |
| Income Statement (Profit and Loss Statement) | Usually prepared at the end of an accounting period (monthly, quarterly, annually) | Accountant |
| Balance Sheet | Usually prepared at the end of an accounting period (monthly, quarterly, annually) | Accountant |
| Statement of Cash Flows | Usually prepared at the end of an accounting period (monthly, quarterly, annually) | Accountant |
| Closing Entries | At the end of the accounting period after financial statements are prepared | Accountant |
| Post-Closing Trial Balance | After all closing entries are made | Accountant |
This table provides a general guideline for each document/statement, the usual frequency of updating, and the typical role responsible for each step in the accounting cycle.
Software Products
What are the best software tools that optimise results of these jobs to be done?